The cartoon portrays French President François Hollande as a Gallic rooster (the unofficial national symbol of France), pecking at a small sack labelled U.K. Rebate. Behind him, we can see a much bigger sack, overflowing with grain. This one is marked "C.A.P.".
The summit was effectively deadlocked by a dispute between net contributors to the budget — including Britain and Germany — and those who get more from the EU than they pay into it. France, a net contributor, opposed cuts in the farm subsidies while pushing for cuts in the British budget rebate. Read more >>
CAP is an abbreviation for Common Agricultural Policy, a system of European Union agricultural subsidies and programmes, which represented 46.7% of the EU's budget, or €49.8 billion, in 2006.